"June sales of the most expensive real estate properties""

According to data published on Tuesday by the real estate analysis company Ask WiRE, the total value of the50 most expensive property sales in June amounted to79 million euros..

The ten most expensive sales totaling39 million euros, with the most expensive sale being a commercial property worth12 million euros in the Limassol area.

The area with the highest number of properties with the highest sales value was Larnaca, with four deals totaling13.75 million euros. In the top ten most expensive sales were two deals in the Famagusta area: a hotel and a complex of hotel apartments with a total value of5.38 million euros, both located in Paralimni. The top ten most expensive sales also included one property from the Paphos and Nicosia areas.

The top 10 most expensive real estate sales in June 2023 included the following properties:

• commercial real estate worth 12 million euros in Limassol (Limassol district)
• land worth 5.4 million euros in Larnaca (Mazotos)
• a plot of land worth 3.65 million euros in Larnaca (Pervolia)
• land worth 3.3 million euros in Paphos (Pegeia)
• a hotel worth 3.28 million euros in Famagusta (Paralimni)
• land worth 2.5 million euros in Larnaca (Livadia)
• a mixed-use building worth €2.32 million in Nicosia (Lakatamia)
• offices worth €2.3 million in Limassol (Limassol district)
• land worth 2.2 million euros in Larnaca (Larnaca district)
• tourist apartments worth 2.1 million euros in Famagusta (Paralimni)

Almost 60% of the 50 most expensive properties are in the top 20 sold in the Limassol and Larnaca areas. The ten most expensive sales in Limassol had a total value of €25.65 million (32%) and in Larnaca €19.7 million (25%).

Commenting on the data, Ask WiRE CEO Pavlos Loizou said, “The analysis shows the depth of the high value real estate market in each province and indicates that the market is mainly driven by lower value properties. Of the top 50 sales, 20 were below €1 million. This indicates that when evaluating investments, not only the value but also the geography, type and depth of the market should be considered so that investors can assess the liquidity of their investment.”

Data source: Department of Earth and Geodesy.